“The man who became of his understanding of the laws of wealth, acquireth a growing surplus, should give thought to those future days.
He should plan certain investments… Yet will be available when the time arrives which he has so wisely anticipated.”
Can you believe this advice is been used since 1927?
The classical financial book The Richest Man In Babylon gives the road you can follow today.
The easiest advice told through tales and parables from the times of ancient Babylon.
The Elevator Pitch
Long ago, Babylon was the richest city in the world, with lavish houses, palaces, and huge city walls.
According to George, the writer of The Richest Man In Babylon, this city was the cradle of modern finance.
George Samuel Clason‘s philosophy through all his books:
The use of faith and knowledge at the same time is the secret to create fortunes that will last forever.
This financial literature is about personal development.
Its ultimate goal is to become aware of how to establish your fortune.
The book began with two accomplished craftsmen in their respective fields. They discuss their suffering to provide a living for themselves and their families.
In contrast to their old friends, Arkad, who become the richest man in Babylon.
Both friends agreed to go to him and know the secret of his wealth.
The five laws of earning money that The Richest Man In Babylon teaches his friends
Money floods in increasing quantities, even if you save the only tenth of your income for your future.
The second law
Money works hard for the wise owner who finds a good means of investment, which makes it grow.
The third law
Keep money in the protection of the owner who is keen to invest in using the advice of smart men.
The fourth law
Money runs away if you invest in work and purposes not known or not approved by professionals.
The fifth law
Money seeps away if you tried to earn illegal wealth or follow the tempting advice of fraudsters.
Or if you depend on bad experiences and emotional desires to create investments.
#ACTIONS from The Richest Man in Babylon
1-Pay yourself first
Before you spend any of your earnings, put aside 10% for saving and investing.
2-Live within your means
If you pay yourself 10% of what you earn, it means you must control your expenses and spend 90% or less of your income.
3-Get luck on your side
The harder I practice, the luckier I get. Gary Player.
4-Protect your wealth
“Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters…”.
5-Make your home a profitable investment
Pay a monthly mortgage and own a home that you can be proud of at the end of several years.
6-Secure your future income
Plan in advance for unforeseen circumstances, e.g. death or the inability to work.
7-Invest in yourself
You should spend your time (or money) to improve your skills, knowledge to create wealth.
8-Make your money work for you
Every dollar invested is like a worker who works tirelessly for you.
What I Did Not Like
I do not agree with his advice that “real estate is the best investment of all time”.
There are investors who made more money focused on businesses other than real estate.
What I Did Like The Most
The book is a step by step guide.
Many of his points are timeless pillars of wealth that most millionaires echo.
Arkad’s wealth continued to grow.
He spreads the financial culture among Babylon’s people.
This is what the man did with all sincerity until all cities heard about Babylon’s prosperity.
So, Should You Read It?
Your understanding of the book and your actions toward it is able to change your vision from employee to investor.
Remember that your industry of wealth depends on the sincerity of your desire.
The more honest you are, the more likely you will reach your goal.
You want to Read more about success tips?
Check those amazing posts:
- The Richest Man In Babylon – George S. Clason – Review
- The Richest Man in Babylon (A Review)
- Reading Corner: A Review of The Richest Man in Babylon
- 7 Money Lessons from The Richest Man in Babylon
After reading the Book Review, do you think that the tips of a 90-year-old book on wealth are still relevant today?